Avricore Health (TSX-V:AVCR, OTC:AVCRF) said it continues to surpass financial targets, strike partnerships, and develop new markets as it brings its turnkey solution for point-of-care testing HealthTab to additional pharmacies across Canada and internationally.
Positive results from the first half of 2023 sent its shares higher shortly on Wednesday, up 25% to C$0.18 shortly after midday.
For this period, the company noted that earnings were up 437% to $1,177,290 compared to the first six months of last year with more HealthTab systems deployed and tests sold.
Its gross profit increased 511% to $440,152 and its gross margin rose from 32.88% to 37.39%, surpassing the company’s target of 30%.
For the three months ended June 30, revenue rose 211% year-over-year to $548,049 and its gross profit was up 300% to $229,471.
Operational highlights from the first six months of the year included entering into an agreement with Ascensia Diabetes Care to integrate their blood glucose monitoring systems with HealthTab and a collaboration with Abbott Rapid Diagnostics and Shopper Drug Mart to add Abbott ID Now instruments to HealthTab.
“We’ve had an incredible year so far and we’re very excited about what’s still to come,” Avricore CEO Hector Bremner said in a statement.
“Make no mistake, with new partners in Canada and expansion into the UK, we have nothing but blue sky in front of us.”
Avricore is a pharmacy service innovator focused on acquiring and developing early-stage technologies aimed at moving pharmacy forward.
- Updated with share price movement -
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie